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Grayscale: Whether Bitcoin has hit a cycle low depends on the Federal Reserve interest rates and progress of the CLARITY Act.

WuSaidBlockchainW
robot
Abstract generation in progress
Wu learned that Grayscale Head of Research Zach Pandl stated in a post that Bitcoin fell below $60k this week, down more than 50% from its high of $125k last October, but he believes this pullback is still a cyclical adjustment within a long-term uptrend. Pandl said that Bitcoin's recent pressure is mainly influenced by changes in expectations for Federal Reserve policy, with the market now anticipating that the Fed may raise interest rates rather than cut them this year; in addition, uncertainty over the passage of the CLARITY Act, pressure on Strategy's leveraged balance sheet, and digital security risks related to quantum computing are also dragging the market. According to Grayscale, if the CLARITY Act passes the U.S. Senate, Strategy strengthens its balance sheet, and the Fed refrains from raising rates, Bitcoin may have already neared a bottom; if the CLARITY Act does not pass this year, DAT further deleverages, and the Fed raises rates due to inflation, Bitcoin may continue to decline moderately.
BTC-1.12%
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PositionLikeACat
· 06-29 05:24
The pressure on Strategy's balance sheet is really huge, that pile of MicroStrategy's debt.
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Miner'sOldKeyboard
· 06-29 05:21
Quantum computing risk sounds abstract, but when it really comes, it's a dimensionality reduction attack.
View OriginalReply0
GateUser-ae5cc7b3
· 06-29 05:19
If the CLARITY Act fails, would institutional funds dare to come in?
View OriginalReply0
0xLateComer
· 06-29 05:18
Pandl's words are pretty steady, just a cycle adjustment, nothing to panic about.
View OriginalReply0

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